The 3 Demographic Groups of Physician Entrepreneurs

Physician entrepreneurs come in several basic flavors, and medicine needs to change to make room for them. 

The Young and the Restless. These are the millennials and others who are medical students, residents, fellows, and those who have been in practice less than five years. While I think stereotyping generations is stupid, work-life balance, debt repayment, and lack of loyalty to an employer or career seems to figure into the psychographic calculus

The Desperados. These are those in the prime of their careers, usually between 35-65. They are in so deep they are unwilling or unable to change so they just keep on keeping on.

The Old and the Grumpy. These are the over-the-hill gang who have decided to take that white coat and shove it or are dealing with getting the pink slip. 

However, opportunities abound and things are changing quickly. Retirement is dead, docs are starting portfolio careers, and the second act is often better than the first. Many are rewiring and refiring instead of trapping themselves in the three boxes of life—education, work, retirement. 1099 docs are creating the sick care gig economy.

The demographics and psychographics of the physician workforce is morphing before our eyes, so quickly, in fact, that most will only see it as the trend passes them by.

Arlen Meyers, MD, MBA is the President and CEO of the Society of Physician Entrepreneurs at www.sopenet.org